CB16: A Review Quiz On Entrepreneurship

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Quizzes Created: 2 | Total Attempts: 1,759

Questions: 5 | Attempts: 203 | Updated: Mar 20, 2022

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CB16: A Review Quiz On Entrepreneurship - Quiz

There are a lot of entrepreneurs in the world today, and some have come into the industry and done things that brought them a lot of money and opportunities. There is much that we have come to know about entrepreneurship over the past few weeks. Take up the quiz below and get to see just how much you understand from the basic introduction to entrepreneurship. All the best!

Questions and Answers

1.

According to your CB16 textbook, what percentage of new businesses end within the first five to six years?
- A.
  
  10%
- B.
  
  20%
- C.
  
  30%
- D.
  
  40%
- E.
  
  50%
Correct Answer
E. 50%

Explanation
According to the CB16 textbook, approximately 50% of new businesses end within the first five to six years. This suggests that starting a new business is a risky endeavor, with a high likelihood of failure. This statistic highlights the importance of careful planning, market research, and effective management in order to increase the chances of long-term success in the business world.

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2.

Entrepreneurs are usually creative thinkers who often come up with new ideas and new ways to solve problems.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Entrepreneurs are known for their ability to think outside the box and come up with innovative solutions. They are constantly seeking new opportunities and finding creative ways to address challenges. This is a key characteristic of successful entrepreneurs, as they are always looking for ways to improve and differentiate themselves in the market. Therefore, it can be concluded that entrepreneurs are usually creative thinkers who often come up with new ideas and new ways to solve problems, making the answer "True".

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3.

Teenagers cannot be successful entrepreneurs. You must be an adult with plenty of work experience.
- A.
  
  True
- B.
  
  FALSE
Correct Answer
B. FALSE

Explanation
The given statement suggests that teenagers cannot be successful entrepreneurs because they must be adults with plenty of work experience. However, this is not true. While age and work experience can be beneficial, they are not the sole determinants of success in entrepreneurship. Many successful entrepreneurs have started their ventures as teenagers and achieved great success. Age does not limit one's ability to have innovative ideas, passion, and determination, which are crucial qualities for entrepreneurship. Therefore, the answer is FALSE.

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4.

Business Plans should contain all of the following elements except:
- A.
  
  Goals and Objectives
- B.
  
  Details of Previous Work Experience
- C.
  
  Financial Plan
- D.
  
  Nature of the Business
- E.
  
  Marketing Plan
Correct Answer
B. Details of Previous Work Experience

Explanation
A business plan is a document that outlines the goals, objectives, financial plan, nature of the business, and marketing plan of a company. It is used to provide a roadmap for the business and to attract investors or secure funding. While including details of previous work experience can be beneficial in certain cases, it is not a necessary element that must be included in a business plan. The focus of a business plan is typically on the future goals and strategies of the business rather than the past experiences of the individuals involved.

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5.

People who take on the responsibility of developing a new innovation in a larger company are considered:
- A.
  
  Entrepreneurs
- B.
  
  Intrapreneurs
Correct Answer
B. Intrapreneurs

Explanation
Intrapreneurs are individuals within a larger company who take on the responsibility of developing a new innovation. Unlike entrepreneurs who start their own businesses, intrapreneurs work within an existing organization to drive change and create new opportunities. They exhibit entrepreneurial qualities such as creativity, risk-taking, and a drive for innovation, but do so within the confines of a larger corporate structure. Intrapreneurs often have the support and resources of the company behind them, allowing them to pursue new ideas and initiatives while still benefiting from the stability and resources of a larger organization.

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Current Version
Mar 20, 2022

Quiz Edited by
ProProfs Editorial Team
Feb 19, 2009

Quiz Created by
Vega

CB16: A Review Quiz On Entrepreneurship

According to your CB16 textbook, what percentage of new businesses end within the first five to six years?

Entrepreneurs are usually creative thinkers who often come up with new ideas and new ways to solve problems.

Teenagers cannot be successful entrepreneurs. You must be an adult with plenty of work experience.

Business Plans should contain all of the following elements except:

People who take on the responsibility of developing a new innovation in a larger company are considered: